Average 12 month certificate of deposit rates continued their agonizingly slow decent this week with no end in sight to the declines. Two banks have also decreased their 12 month CD rates as we head until the final weeks of 2012. In this week's National Rate and Rate Cap Survey released by the Federal Deposit Insurance Corporation (FDIC) average 12 month bank CD rates declined 1 basis point to 0.24 percent. Average jumbo CD rates this week also declined 1 basis point to 0.25 percent.

Two banks, CIT Bank and Able Banking, both lowered their 12 month CD rates the past week. Able Banking had the top rate on our list for a few weeks at 1.11 percent and CIT Bank had a 12 month rate of 1.09 percent. Both banks lowered their rate to 1.04 percent which now ties them with several other banks for the second best rate on our list. The current best CD rate on our 12 month certificate of deposit list is at 1.10 percent with an APY of 1.11 percent from AloStar Bank of Commerce.